Course Description

Practitioners are brought up-to-date information on tax issues affecting estate planning and business issues. A major emphasis of this mini-course is practical estate planning solutions that are cost effective. Devised to reduce or eliminate estate problems and death taxes, this comprehensive guide examines wills, trusts, gifts, insurance, private annuities, and other general estate planning tools. The planning issues and problems that arise from owning a business interest are also addressed.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

• Unlimited marital deduction
• Simple will
• Types of trusts
• Charitable trusts
• Family documents
• Private annuities
• Business valuation
• Redemptions
• Lifetime dispositions
• Installment payment of federal estate taxes
• Learning Objectives

After reading the materials, participants will be able to:

1. Describe the unlimited marital deduction, its effect on the gross estate evaluation and the impact of stepped-up basis as they affect survivors and heirs. Summarize the benefits of establishing even a simple will and its control over certain assets.
2. Discuss the primary ways to dispose of assets using trusts and annuities specifying the importance of family documents to manage assets.
3. Identify the starting point used to value a business’s tangible assets, continue by reviewing the R.R. 59-60 business valuation factors and listing the four steps in R.R. 68-609’s valuation formula for intangible assets and goodwill noting the effect of both rulings on the total value of a business. Then, analyze the adjustment caused by minority interests in a closely held business and their impact on final evaluation.
4. Illustrate how to use the various ways to dispose of business interest before death to family members while avoiding the provisions of the constructive ownership rules.
5. Analyze deferred compensation agreements as a valuable estate planning tool and identify when to recommend the option of paying federal estate taxes in installments indicating the basis of the election and its eligibility requirements.

Revision Date: 1/10/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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